I published this yesterday but have been looking at it a lot today and have added in a Fibonacci retracement from the low of December 2015 to this years high and I've identified with the blue rectangle this key area of support. Some consolidation (maybe 1 week) in this area would be ideal as we could then look to go long on a break out and hopefully look for a good 2 month long trend continuation upwards resulting in an eventual breakout above the current yearly high.
The red dotted line in the blue rectangle also indicates the previous break out level and resistance so could also add support.
* A break of this level would, for me, be the main indicator that the tide is turning slightly for the bears here.
Looking at the potential fundamentals with the dreadful German sentiment numbers today, ongoing Euro uncertainty, a potential Dollar bubble. I'm massively bullish gold. BUT. Patience is a virtue..... Let the bears have their day.. For now.
Good luck trading out there.
The red dotted line in the blue rectangle also indicates the previous break out level and resistance so could also add support.
* A break of this level would, for me, be the main indicator that the tide is turning slightly for the bears here.
Looking at the potential fundamentals with the dreadful German sentiment numbers today, ongoing Euro uncertainty, a potential Dollar bubble. I'm massively bullish gold. BUT. Patience is a virtue..... Let the bears have their day.. For now.
Good luck trading out there.
